“A STEM MBA option is a reflection of today’s business needs. What this means is that their program focusses on building data driven decision making capability and sound quantitative skills among its students, to become future business leaders with strong analytical acumen. This is regardless of the MBA specialization. University of Rochester’s Simon Business School recently became the first full-time MBA program to be assigned as fully STEM MBA. There is a growing demand for such human resources who are experts in business as well as in the STEM fields to meet the expectations of a role which is as well-versed in Business as it is in Analytics and Technology. The above report also predicts that there could be a shortage of nearly 250,000 data scientists and analytics experts, in the next few years.īut even with their expertise, companies will need Business translators to bridge data savvy and organizational, and industry, functional expertise. It is estimated that the number of data science programs could increase by over 7% a year but still not compensate for the excess of 12% increase in demand. The demand for Business Translators and Leaders Here are some of the motivators working towards such a cause. However, MBA programs have only started scratching the potential that comes from a STEM designation. It is true that many business schools have active Master’s programs which incorporate the goodness of technology and business education. What are the advantages of a STEM MBA Program? In this article, we will talk about the motivation and some of the Business Schools in the US that have adopted this designation. Many of these programs, or specific MBA specialities, have the stamp of approval by the US government to be certified, or designated, as STEM (Science Technology Engineering Mathematics) courses. Several MBA programs and specific MBA Specializations have begun to appreciate the demand and incorporate analytic skills well within the daily curriculum. Read Newbie’s guide to career options in analytics Not just data experts but also experts who understand the impact of the insights on organizations – the business plus analytics experts. The race to embrace data analytics is on and so is the increasing demand for analytics talent. And, orient business processes to incorporate these insights. Find the talent to derive insights from the data.Build the capability to harness and collect the vast amounts of data.Understand the use of data analytics and how it will drive value and strategies.More than anything, now, businesses need to equip themselves with the four main aspects of stepping into the analytics realm. Sectors like manufacturing, the public sector in advanced economies and health care, are still lagging behind in a whole-hearted adoption of the data and its analytical possibilities. The greatest progress having been made in location-based services and US retail. In their study, they found that most organizations and companies have captured only a fraction of the true potential of data and analytics. A 2016 report by McKinsey Global Institute (MGI) followed up on their previous study, from 2011, observing the impact of analytics – The Age of Analytics: Competing in a Data Driven World.
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